Despite slightly lower-than-expected Placements and slightly higher-than-anticipated Marketings last month, the On Feed figure came in just above the average guess. But all three categories were within the pre-report guess ranges and not far from the average guesses. That gives the report a mostly neutral read and should mean limited price reaction in live cattle futures next Monday. If anything, the report data might favor mild bear spreading.
A breakdown of weights on calves placed into feedlots last month showed lightweight placements steady with year-ago, 6-weights down 15.8%, 7-weights down 7.1% and heavyweight placements up 13.6% from year-ago. Given rapidly declining pasture conditions, it’s likely more lighterweight calves will be placed into feedlots this month.
COF Report | USDA | Average | Range |
% of year-ago levels
| |||
On Feed | 103
| 102.6 | 100.0-103.8 |
Placements | 98 | 98.9 | 92.6-104.1 |
Marketings | 94
| 93.8 | 92.0-101.0 |
